Abstract On the morning of July 15, the National Bureau of Statistics announced the main economic data for the first half of the year, and the economic operation showed a good trend of “slowing down and stabilizing and stabilizing the medium”. Where is “stable” and where is “good”? Slow down
On the morning of July 15, the National Bureau of Statistics announced the main economic data for the first half of the year, and the economic operation showed a good trend of “slowing down and stabilizing and stabilizing the medium”.

Where is “stable” and where is “good”? What is the main reason for slowing down and stabilizing? Can we maintain a stable and stable situation? What is the steady growth? What are the difficulties and problems in the national economy? What is the basis for realizing the stability of the national economy? In response to these problems, Wang Baoan, director of the National Bureau of Statistics, accepted an exclusive interview with the People’s Daily reporter to interpret the main economic data for the first half of the year –

Although the growth rate of GDP in the first half of the year was 0.4 percentage points lower than that of the same period of last year, it is in line with the objective reality of the growth rate shift after China's economic development entered the new normal, and it also conforms to the general law of typical economies.

China's economic development has entered a new normal, and it is in the critical period of the "three phases" superposition. The "difficulties" in economic operations have increased, and the transformation of new and old economic power will increase the downward pressure on the economy in a short period of time. Therefore, macroeconomic regulation and control urgently need to find a balance between steady growth and structural adjustment to find the best combination point.

From an international perspective, the world economy is recovering slowly and uncertainty is increasing. From the domestic perspective, the pain of structural adjustment in China is still continuing, the conversion of new and old power has not been completed, and the differentiation of industry, region and industry is obvious, and the downward pressure is still relatively large. It should be pointed out that some of the prominent contradictions and problems facing China's current economic development are the pains of transformation. To overcome these problems and difficulties, a process is needed.

Confidence comes from five “supports”: fundamental support, policy effect support, institutional mechanism support, regional synergy support, and development confidence support.

The national economy will be stable and far-reaching. In the short run, it is necessary to give full play to the key role of investment. In the medium and long term, the key to transformation and upgrading depends on innovation. From the perspective of safeguard mechanism, it depends on reform.

Where is “stable” and where is “good”?
Although the growth rate of GDP in the first half of the year was 0.4 percentage points lower than that of the same period of last year, it is in line with the objective reality of the growth rate shift after China's economic development entered the new normal. It also conforms to the general law of typical economies.
Q: July 15 morning The National Bureau of Statistics announced the main economic data for the first half of the year, and the economic operation showed a good trend of “slowing down and stabilizing and stabilizing the medium”. As the director of the National Bureau of Statistics, where do you think "stable" is, and where is "good"?

A: In the first half of this year, in the face of the complicated and ever-changing domestic and international economic situation and the continued downward pressure on the economy, the Party Central Committee and the State Council have reviewed the situation and made scientific decisions, and strived to innovate the macro-control mechanism and method path to accelerate the reform of the system and system innovation. Take the initiative to lead the new normal and focus on cultivating new impetus. The economic operation is generally in a reasonable range, the main economic indicators are gradually warming up, and the positive factors are increasing, showing a development trend of “slowing in the middle, stabilizing and stabilizing the medium”.

Economic operation is slowing down and stabilizing -
First, growth is stable. In the first half of the year, GDP grew by 7% year-on-year, of which 7% in the second quarter was the same as the first quarter. Second, employment is stable. In the first half of the year, 7.18 million new jobs were created in cities and towns nationwide, 71.8% of the annual target tasks were completed, and the urban unemployment rate in 31 major cities was stable at around 5.1%. Third, the price is stable. In the first half of the year, consumer prices rose by 1.3% year-on-year, and the growth rate was basically the same as that in the first quarter. Fourth, agriculture is stable. The output of summer grain reached 282.1 billion jin, an increase of 8.9 billion jin from the previous year, an increase of 3.3%. Fifth, the income is stable. In the first half of the year, the per capita disposable income of the national residents increased by 9% year-on-year. After deducting the price factor, the actual increase was 7.6%, which was 0.6 percentage points higher than the economic growth rate.

The development situation is stable and good -
First, the momentum of recovery is good. Driven by a series of measures to stabilize growth, adjust structure, promote reform, benefit the people's livelihood, and prevent risks, the main economic indicators have stabilized and recovered month by month. In terms of production, in April, May and June, the added value of industrial enterprises above designated size increased by 5.9%, 6.1% and 6.8% respectively, and the growth rate was 0.3, 0.2 and 0.7 percentage points higher than that of the previous month. In terms of demand, in the first half of the year, fixed asset investment (excluding farmers) increased by 11.4% year-on-year, and the growth rate was the same as that in January-May, ending the trend of continued decline. In May and June, the total retail sales of consumer goods increased by 10.2% and 10.6% respectively, up 0.3 and 0.4 percentage points respectively from the previous month. In June, the year-on-year growth rate of total exports increased from negative to positive, increasing by 2.1%.

Second, real estate sales have improved. The real estate driving effect is big, one is connected to production, and the other is connected with consumption. The improvement of the real estate market is crucial to the steady growth of the economy. In the first half of the year, especially in the second quarter, the real estate market has clearly recovered. In the first half of the year, the growth rate of commercial housing sales increased from negative to positive, up 3.9% year-on-year, the first positive growth since 2014; commercial housing sales increased by 10%, down 9.3% in the first quarter. In June, sales of commercial housing increased by 32.1% year-on-year, and sales area increased by 16%. Commodity housing stocks have declined. At the end of May, the area of ​​commercial residential for sale fell for the first time since 2014; the end of June continued to decline, down 1.91 million square meters from the end of last month.

Third, the economic structure is getting better. From the perspective of industrial structure, the proportion of the tertiary industry continues to increase, and the national economy is shifting from industrial-led to service-oriented. In the first half of the year, the added value of the tertiary industry increased by 8.4% year-on-year. The growth rate was 0.5 percentage points higher than that in the first quarter, accounting for 49.5% of the GDP, 2.1 percentage points higher than the same period of the previous year and 5.8 higher than the secondary industry. percentage point. From the perspective of demand structure, the contribution of consumption to economic growth has increased. In the first half of the year, final consumption expenditures boosted GDP growth by 4.2 percentage points, contributing 60%, an increase of 5.7 percentage points over the same period last year.

Fourth, the quality of economic operations is good. Outstanding performance is further reduced in energy consumption per unit of GDP. In the first half of the year, energy consumption per unit of GDP decreased by 5.9% year-on-year, a decrease of 0.3 percentage points over the first quarter; clean energy consumption accounted for 17.1% of total energy consumption, an increase of 1.6 percentage points over the same period of the previous year.

Fifth, the new form of “mass entrepreneurship and innovation” has achieved rapid and effective results, embodying “development depends on the people” and effectively stimulated the momentum and vitality of economic development. The number of market players continues to increase rapidly. In the first half of the year, the number of newly registered enterprises nationwide increased by 19.4% year-on-year, and registered capital increased by 43%. The vitality of the non-public economy is released in an orderly manner. In the first half of the year, the added value of non-public enterprises above designated size increased by 8.1%, 1.8 percentage points faster than the above-scale industries. “Chuangchuang Space” expands the new situation of entrepreneurship. According to the relevant surveys of the Bureau, in June, the proportion of entrepreneurs in the total number of employed people increased by 0.11 percentage points compared with that in January; among the new entrepreneurs and those who are ready to start businesses, the personnel with college education or above accounted for 58.98%.

I would also like to point out that although the growth rate of GDP in the first half of the year was 0.4 percentage points lower than that of the same period of last year, it is in line with the objective reality of the growth rate shift after China's economic development entered the new normal, and it also conforms to the general law of typical economies. From 1956 to 1973, Japan's GDP grew at an average annual rate of 9.2%. After that, the economic growth rate dropped significantly. From 1974 to 1991, the average annual growth rate was only 3.7%. From 1951 to 1960, the GDP of the Federal Republic of Germany grew at an average annual rate of 8.2%, falling back to 4.4% from 1961 to 1970, and further falling back to 2.7% from 1971 to 1991. From 1966 to 1995, South Korea's GDP grew at an average annual rate of 8.4%, and fell back to 4.2% in 1996-2011.

What is the main reason for slowing down and stabilizing?
China's economic development has entered a new normal, and it is in the critical period of the "three phases" superposition. The "dilemma" in economic operations has increased, and macroeconomic regulation and control needs to grasp the balance of various aspects.

Q: You think that the most important reason for China's economic operation in the first half of the year can be stabilized and stabilized.

A: It is not easy for China's economy to go against the water and achieve such results. I think the most important reason is that the Party Central Committee and the State Council have continuously strengthened and improved macroeconomic regulation and control. The so-called "outline is the eye", scientific decision-making, precise regulation is the "level" of the economy to achieve a moderate, stable and stable.

"If the big country is cooking," it is necessary to control China, the world's largest transition economy, to demand superb craftsmanship. China has a vast territory and a large population. Although it has become the world's second largest economy, its economic and social development level is still not high, and the per capita level is still relatively low.

Especially now that China's economic development has entered a new normal state, it is in the critical period of the "three phases" superposition. The "dilemma" in economic operations has increased, and macroeconomic regulation and control needs to grasp the balance of all aspects. First of all, we must grasp the balance between steady growth and structural adjustment. Stable growth and restructuring are unity of opposites. Stable growth can create a good macroeconomic environment for the restructuring and strive for the necessary time and space for restructuring. The structure can create newer, larger, and higher demands in the long run. However, from the current point of view, it means that the transformation of the old and new economic power will increase the downward pressure on the economy in a short period of time. Therefore, macroeconomic regulation and control urgently need to find a balance between steady growth and structural adjustment to find the best combination point. Second, we must grasp the balance between maintaining moderate liquidity and preventing financial risks. On the one hand, finance and the real economy complement each other, and economic development requires financial support. At present, the problems of enterprise financing and financing are more prominent, and it is necessary to maintain moderate liquidity. On the other hand, in the context of slowing economic growth, debt risks in real estate, overcapacity industries, and local governments that have accumulated over the years have risen. If excessive monetary easing may lead to further increase in the leverage ratio of the whole society, increase financial risks. . Third, we must grasp the balance between increasing wage income and enhancing the vitality of market players. China's labor market supply and demand pattern has undergone profound changes, labor costs have risen rigidly, and the rise in labor costs has reduced the international competitiveness of China's export products to some extent, and accelerated the transfer of some labor-intensive industries in China to countries such as Southeast Asia. Under this circumstance, macroeconomic regulation and control must not only benefit the people's livelihood, but also strengthen the entity and expand the international market. These dilemmas test the wisdom and art of macroeconomic regulation.

In the face of these dilemmas, the Party Central Committee and the State Council have maintained a strategic determination and acted proactively, constantly strengthening and improving macroeconomic regulation and control, making good and precise, precise operations, and using the market’s “invisible hand” to simplify Political decentralization, relaxation of access to stimulate the vitality of market players, market forces to force enterprises to transform and upgrade; use the government's "visible hand", focus on stable growth, strong entities, control risks, on the basis of interval control Increase the intensity of directional control, including timely reduction of interest rates, reduction of taxes and fees, timely release of local government new bonds and replacement bond issuance quotas, accelerate the construction of seven major categories of major investment projects and six major areas of consumer engineering, innovation focus areas Investment and financing mechanisms, and actively promote the PPP model. These policy measures have achieved positive results. China’s economy has achieved a moderate, stable and stable trend. It fully demonstrates that the macro-control of the Party Central Committee and the State Council is scientific and correct. The series of policy measures adopted are timely and effective. .

Can the steady and good posture be maintained? What is the steady growth?
Confidence comes from five “supports”: fundamental support, policy effect support, institutional mechanism support, regional synergy support, development confidence support

Q: In the second half of the year, can the national economy continue to maintain a stable and positive trend? What is the steady growth?

A: Comprehensive analysis of the environment and conditions faced by China's economy, we believe that the national economy in the second half of the year will continue to be stable in the first half of the year, with confidence and ability to achieve the expected goals of economic and social development throughout the year. Confidence comes from five “supports”:

The first is the fundamental support. The economic market of the big countries is vast, the room for maneuver is huge, and the resilience is strong. In particular, China's industrialization and urbanization have not yet been completed, and there is still a big gap compared with developed economies and even some developing countries. From the perspective of industrialization, although China's industry accounts for the proportion of the national economy, it still has a lot of potential in terms of technology upgrading, industrial upgrading, and added value, especially in some highly sophisticated fields such as CNC machine tools and precision. Instruments, engine design and manufacturing, etc., compared with developed countries, the gap is large. From the perspective of urbanization, in 2014, the proportion of urban permanent residents in China's urban population accounted for 54.77%, which is a big gap compared with developed countries. Moreover, the quality of urbanization in China is not high. Most of the 170 million migrant workers do not have urban hukou, and they have not yet become citizens. No matter the quantity or quality, there is much room for urbanization in China. This is the basic source of power for China’s economic growth. According to the calculation of the Bureau, in the past 10 years, the urbanization rate has increased by 1 percentage point, which has driven investment growth by 3.7 percentage points on average, driving consumption growth by 1.8 percentage points.

The second is the support of policy effects. In the second half of the year, the effects of a series of policy measures issued by the Party Central Committee and the State Council will be further revealed. From the perspective of fiscal policy, in the first half of the year, the state issued a series of fiscal policy measures including the issuance of new government bonds and replacement bond issuance quotas, and the implementation of seven major categories of major investment projects. Among them, only large-scale infrastructure projects such as railways, urban rail transit, and airport construction have an investment quota of more than 800 billion yuan. As of the end of May, 221 projects and 33 special projects have been started in 7 major engineering packages, with an accumulated investment of 3.1 trillion yuan. In the second half of the year, with the replacement of local government debt and the recovery of financing functions of local financing platforms, the construction progress of the started projects is expected to accelerate. Coupled with the start of new projects, it is expected that the growth rate of infrastructure investment will rebound, driving the growth of all investment growth. Pick up. From the perspective of monetary policy, in the first half of the year, the People’s Bank of China twice reduced the deposit reserve ratio of financial institutions, implemented targeted RRR cuts three times, lowered the benchmark interest rates for RMB deposits and loans three times, and comprehensively applied various policy instruments to maintain liquidity. At the same time, it provides long-term stable and low-cost funding sources for shantytown renovation. Since there are often time lags in the adjustment of monetary policy to the real economy, it is expected that these policy effects will become more prominent in the second half of the year. In addition, from the historical experience, after the sales of commercial housing has recovered, after half a year, the growth rate of real estate development investment has rebounded accordingly. This means that the growth rate of real estate development investment in the second half of the year is likely to continue to rise.

The third is the support of institutional mechanisms. First of all, a new round of comprehensive deepening of reforms will speed up the decisive role of market allocation of resources, which will undoubtedly improve development efficiency and enhance innovation. The market's guiding role in the allocation of innovative resources has also accelerated. Secondly, the accelerated formation of the new pattern of "mass entrepreneurship and innovation" will undoubtedly stimulate the development momentum of the company. 21 pre-approval items for industrial and commercial registration were changed to post-approval, and “three certificates combined, one photo and one yard” were speeded up; all kinds of entrepreneurial gathering areas, maker centers and service platforms flourished. This provides institutional support and guarantee for further stimulating market vitality and enhancing development momentum.

The fourth is regional synergy. In order to promote regional coordinated development and further expand the space for economic development, the Party Central Committee and the State Council have issued three major regional strategies, namely, the “One Belt and One Road”, the coordinated development of Beijing-Tianjin-Hebei and the Yangtze River Economic Belt, which will surely drive the development of relevant industries and related regions. For example, China’s exports to countries along the “Belt and Road” are faster than the overall export growth rate. In addition, the advantage of the mid-western region is still relatively obvious. Public goods and public services in the central and western regions are still in short supply, especially for railways, highways, water conservancy, electric power, ecology, and people's livelihood. The state has increased investment in infrastructure and people's livelihood construction in the central and western regions. The total scale of railway construction this year has remained at around 800 billion yuan, mainly to the central and western regions, which will help promote the release of the advantages of the central and western regions.

The fifth is to support the development of confidence. The Party Central Committee and the State Council have experience in dealing with various complicated environments and various contradictions, and have lessons, experience, and capabilities. This is the root of our confidence.

From the market point of view, the current market expectations are relatively stable and the development confidence has increased. In June, the Manufacturing Purchasing Managers' Index (PMI) was 50.2%, which was the same as last month. It was above the critical point for four consecutive months and showed a slight expansion. Among them, the production index, the new order index and the supplier delivery time index are both above the critical point, reflecting the rebound in production and market demand. The non-manufacturing business activity index remained in the range of 53%-54%, and continued to be in the boom zone, with 53.8% in June, up 0.6 percentage points from the previous month. In the first half of the year, the total planned investment of newly started projects increased by 1.6% year-on-year, and the growth rate was 1.1 percentage points faster than that of January-May. In the second quarter, the Industrial Entrepreneur Confidence Index was 114.5%, still in the boom zone.

What are the difficulties and problems in the national economy?
The world economy is recovering slowly and uncertainty is increasing. The pain of structural adjustment in China is still continuing, the conversion of new and old power has not yet been completed, and the industry, region and industry are clearly differentiated, and the downward pressure is still relatively large.

Question: Do you think that there are still difficulties and problems in the national economy to achieve a stable and positive situation?

A: While there are a series of positive changes in the economic operation, we must also see that the domestic and international economic environment is still complicated, and the foundation of China's economic stabilization is still not solid, and the positive momentum still needs to be consolidated.

From an international perspective, the world economy is recovering slowly and uncertainty is increasing. Although the US economy has improved in the second quarter, the rate hike is getting closer and the trend is still to be observed. With the support of the European Central Bank's quantitative easing policy, the euro has shown signs of stabilization, but the Greek debt crisis is still a hidden danger affecting its continued recovery. Although the Japanese economy has gone out of deflation, its growth momentum is weak. Emerging economies are affected by the strengthening of the US dollar and the sharp decline in commodity prices, and the downward pressure on the economy has further increased. Recently, the World Bank lowered its forecast for global economic growth in 2015 from a 3.0% increase to 2.8%. The slow growth of the world economy has intensified the rise of trade protectionism, which has led to a general downturn in international trade. According to the statistics of the World Trade Organization, from 2012 to 2014, the growth rate of international trade volume was lower than the growth rate of the world economy for three consecutive years. In the first quarter of 2015, the global trade volume only increased by 0.7%. Under this circumstance, China’s trade is hard to be independent, and export pressure is constantly increasing. "The world is full of autumn, a room is difficult for spring." In the first half of the year, China's exports only increased by 0.9%, and it is difficult to complete the annual target.

From the domestic perspective, the pain of structural adjustment in China is still continuing, the conversion of new and old power has not been completed, and the differentiation of industry, region and industry is obvious, and the downward pressure is still relatively large.

First, the problem of overcapacity is still outstanding. Mainly due to the serious excess of production capacity accumulated in the traditional industry for many years, the capacity utilization rate is low. Under the condition of oversupply in the market, the ex-factory price of industrial producers decreased for 40 consecutive months. In the first half of the year, the ex-factory price of industrial producers fell by 4.6% year-on-year, a decrease of 2.8 percentage points over the same period of the previous year. Among them, the year-on-year decrease was 4.8% in June, and the decline was 0.2 percentage points higher than that of the previous month.

Second, the problems of production and operation difficulties of enterprises are outstanding. Affected by factors such as falling product prices, slowing sales, and rising costs, corporate profit growth slowed. From January to May, the income from the main business of industrial enterprises above designated size increased by only 1.3% year-on-year, and the growth rate dropped by 6.8 percentage points over the same period of the previous year. The cost per 100 yuan of main business income was 85.95 yuan, up from the same period of the previous year. 0.05 yuan; total profit decreased by 0.8% year-on-year, and the growth rate was 9.8% in the same period last year.

Third, the pressure on steady growth of local areas and some areas has increased. In the overall tight market environment, some old industrial bases and resource-exhausted cities have low risk resistance and the economy has continued to decline. Some local governments have difficulty in increasing their incomes and employment pressure has also increased. For example, in the first half of the year, the added value of industrial enterprises above designated size in the Northeast region decreased by 2.2% year-on-year, a decrease of 0.6 percentage points over the first quarter, and the employment of enterprises above designated size fell by 9%, and the local fiscal revenue also declined.

It should be pointed out that some of the prominent contradictions and problems facing China's current economic development are the pains of transformation. To overcome these problems and difficulties, a process is needed. As long as we handle the relationship between "stable" and "advanced", adhere to the policy of stabilizing the policy, stabilizing expectations, promoting reform, and adjusting the structure, and creating a new pattern of "mass entrepreneurship and innovation", these problems may not be problems any longer. .

What is the basis for realizing the stability of the national economy?
In the short run, we must give full play to the key role of investment; in the medium and long term, the key to transformation and upgrading depends on innovation; from the perspective of safeguard mechanism, in the final analysis, reform depends on reform.

Question: How can we overcome the difficulties and problems in the current economy, further enhance the driving force for development, and achieve a stable and far-reaching national economy?

A: I think we must grasp three points:

First, in the short run, we must give full play to the key role of investment. The key to steady growth is to stabilize aggregate demand. From the perspective of consumption, consumption has maintained steady growth in recent years and played an important role in promoting economic growth. However, since consumption depends mainly on income levels, in the case of no significant change in income growth, innovation and increased effective supply are In the absence of conditions to create new consumer demand, consumption growth is unlikely to increase significantly in the short term. From the perspective of exports, due to the slow recovery of the world economy, the continued sluggish international trade, the “re-industrialization” of developed countries and the competition of developing countries, coupled with the impact of rising labor costs and export structure transformation, China’s exports are short-term. It is difficult to change significantly within. Therefore, the key to stabilizing aggregate demand is to stabilize investment. Stable investment is not to be as flood-filled as before, but to be based on the current situation and focus on the long-term, focus on those areas and industries that are conducive to promoting industrial upgrading and people's living standards, such as urban underground pipe network, environmental protection, improvement of people's livelihood, etc. Relevant infrastructure should prevent the formation of new overcapacity. At the same time, it is necessary to innovate the investment mechanism, and the mixed investment entity should adopt the PPP model as much as possible to improve the investment efficiency.

Second, in the medium and long term, the key to transformation and upgrading depends on innovation. China's economy must maintain a medium-to-high speed and move toward the middle and high-end. The most fundamental thing is to promote technological innovation. Innovation can not only break through technological bottlenecks, but also create new demands. In the past, the invention of steam engines promoted the rise of the industrial revolution. The discovery of electricity led the human society into the electrical age. Today, Internet information technology has revolutionized the production and lifestyle, constantly inspiring and creating new demands. For example, the emergence of iPhones and iPads is a vivid example of innovation creating demand. "Internet +" has broken the boundaries of traditional manufacturing, commerce and service industries. The production and service processes of enterprises have been continuously reconstructed. New business models have emerged in an endless stream, and new market demands are constantly being stimulated.

Third, from the perspective of the safeguard mechanism, in the final analysis, it depends on reform. Stable growth, adjustment of structure, and innovation drive will ultimately provide institutional and institutional guarantees for the transformation and upgrading of the economy and stable development by releasing reform energy and innovating reform mechanisms. The key to reform is to let the market truly play a decisive role in allocating resources. From the current and future perspectives, deepening reform should reflect and focus on the "four releases":

Fully liberalize price controls. Really let the market discover and form the price. This is not only the basic indicator of the market economy, but also the basic requirement for accurately transmitting signals and leading the development and upgrading of the industry, and fundamentally solving the problem of resource optimization and allocation. Now that the PPI has fallen by 40 months and CPI is also at a low level, it is a favorable time window for deepening price reforms and liberalizing price approval controls. It is necessary to focus on the decisive role of market allocation resources, further reduce government pricing types and projects, improve the price formation mechanism of resource products, expand pilot reform of transmission and distribution prices, and improve energy conservation and environmental protection price policies.

Completely liberalize industry access. “There can be barriers to entry, but there are no barriers to entry.” Compared with mature market economies, there are still many restrictions on China’s industrial access. There are problems such as “glass door” and “revolving door”, which restricts market competition and is not conducive to play. The role of the market in the survival of the fittest restricts industrial transformation and upgrading, and drives innovation. It is necessary to effectively break the monopoly of resources and completely break the administrative monopoly, so that every Chinese son and daughter has the right to start a business in every field. We must effectively break down market barriers, eliminate barriers to market access and investment channels, and create an investment environment with equal rights and equal opportunities. It is necessary to take social capital into the infrastructure construction of transportation, energy, information, aviation, telecommunications, etc., and clear the obstacles in the fields of medical, pension, culture, tourism, sports and other service industries, and open up more space for “mass entrepreneurship and innovation”.

Speed ​​up the relaxation of technology management. To create an innovative country and realize innovation drive is inseparable from scientific and technological progress. At present, the administrative science and technology and administrative allocation of science and technology resources are relatively common, and there are problems such as disconnection of scientific research projects from the market and excessive transformation of results. It is necessary to further relax the management of science and technology, promote the combination of production, education and research, allocate scientific and technological resources with market mechanism, promote the industrialization of science and technology, and scientific and technologicalization of the industry, promote the formation of a new form of "innovation of the people", and inject a steady stream of momentum for the high-quality growth of China's economy. At the same time, it is necessary to give full play to the main role of enterprises in technological innovation decision-making, technology path, R&D investment, scientific research organization and transformation of results.

Deeply let the state-owned enterprises live. The state-owned economy occupies an important position in China. The reform of state-owned enterprises is related to the new space and new impetus for economic growth. It is about creating a fair and transparent market environment, accelerating the construction of a modern enterprise system, and further stimulating the enthusiasm, initiative and creativity of state-owned enterprises. Growth and promotion of structural adjustment have important practical significance and far-reaching historical significance. At present, it is necessary to speed up the reform of state-owned financial institutions and improve the efficiency of financial resource allocation. While accelerating the development of private financial institutions, it is necessary to improve and improve the business supervision, evaluation system and operational mechanism of state-owned and state-controlled financial institutions, both giving pressure and motivation, mobilizing the inherent enthusiasm of financial institutions to serve the real economy and support entrepreneurial innovation.
In short, we must base ourselves on steady growth, focus on structural adjustment, and strive to promote reforms. With camera-oriented and cushioning macro-decision, with efficiency-oriented and mechanism-innovative reform measures, we will adapt to the new normal, transform and upgrade, and promote China. The economy is stable and far-reaching.

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